OfflineOk, here is a fun first deal.
I am interested in purchasing a 4/2 house with a pool in San Diego, in a great neighborhood. Turns out in 2001 there was a murder/suicide in the house..
Since the murder, a kid purchased the house and beat it up for the last few years.. and then was foreclosed on.
Last year an investor picked it up for 80k under market value, put a little work in it and put the house back up for sale.
The house has been sitting vacant for about a year now, and he has dropped the price three times. Our seller is now offering owner financing as well. Every person that comes in to purchase the house runs away from it when they hear about the murder.
So I thought I would get it cheap and just rent it out. I think we could rent it for about 2300 in the area here next the university. I am trying to figure out my offer price on a "seller finance" special deal.
Any advise would be appreciated.. think by now the investor is motivated.. reduced, vacant, murder.. but move in ready. 
-Chris and Kether Sprague
“I do not think much of a man who is not wiser today than he was yesterday.” -Honest Abe Lincoln
Want off market sellers to call you? I think writing letters to vacant home owners is a great marketing avenue. I have vacant homes in every state! With the owners address! I want to partner with other wholesellers. If you are interested, please PM me! -- This is how I got my first deal, and I will give you leads and help you build your/our team! if you don't have them already.
Is it even necessary to tell people about the murder/suicide?
After all, what happened to the people who owned it when those events took place are NOT living there anymore, and the house itself wasn't at fault.i I would inclined to get it fixed up, and flip it-only focusing on the physical needs/pluses of it, and the various bits of financing needed to do so.
Just my two cents
Poetman
I don't have advice, but this reminds of the show American Horror Story:) and made me chuckle....good luck with it
if there is a death on the property, it has to be disclosed to any future buyers...
What about a Sandwich Lease Option?
wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
There are some houses to avoid. Ones on a busy street, ones that the average DOM is 400 days, ones with weird floor plans and ones that have been on the market and not selling because of a murder/suicide.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I am still not clear on how owner financing even works. If I understand it correctly I wouldn't have to disclose the details of the history for people renting. I think this is a rental property now.. unless this house is dirt cheap it is just not going to sell.
-Chris and Kether Sprague
“I do not think much of a man who is not wiser today than he was yesterday.” -Honest Abe Lincoln
Want off market sellers to call you? I think writing letters to vacant home owners is a great marketing avenue. I have vacant homes in every state! With the owners address! I want to partner with other wholesellers. If you are interested, please PM me! -- This is how I got my first deal, and I will give you leads and help you build your/our team! if you don't have them already.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
LOL Michael.
Thank you for the blunt advice i will pass it on to my wife. Believe it or not I have been trying to talk my wife out of this one...
-Chris and Kether Sprague
“I do not think much of a man who is not wiser today than he was yesterday.” -Honest Abe Lincoln
Want off market sellers to call you? I think writing letters to vacant home owners is a great marketing avenue. I have vacant homes in every state! With the owners address! I want to partner with other wholesellers. If you are interested, please PM me! -- This is how I got my first deal, and I will give you leads and help you build your/our team! if you don't have them already.
Depends on the neighborhood. They are putting a bunch of money into the Spreckles mansion in Coronado.
quick explanation: ...you lease it from owner, with the intent to lease to a tenant/buyer for a term.
you get a non-refundable deposit, say $5,000, and rent for 2,300/month with a lease for 1-4 years, at the end of the 4th year, tenant buyer gets a loan to purchase property for price agreed upon at beginning of lease between you and him. You give owner $3,000 deposit and $1,900/month during the 1-4 years and when tenant buyer buys property at end of term, you pay owner the agreed upon price between you two.
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...